China Corporate News: Tencent Said to Approach Disney for Partnership

Tencent Said to Approach Disney for PartnershipThe gaming division of Tencent Holdings Ltd (HKG: 0700), a giant internet company in China, is in talks with The Walt Disney Co (NYSE: DIS) for cooperation in research and development of China's animation industry, a person with knowledge of the issue told the National Business Daily, without revealing any details.

Vanke's Average Price Falls 12% in Q1China Vanke Co (SHE: 000002), the nation's biggest property developer, said it sold 1.1 million m2 in floor space valued at ¥11.52 billion in March, up 31.6% and 23.5% year on year respectively. Vanke also said its price per m2 dropped 12% from a year earlier to ¥10,326 in Q1 2012.

Poly Net Profit Jumps 33%Poly Real Estate Group Co (SHA: 600048), China's second largest property developer by market value, posted ¥47 billion in revenues and ¥6.53 billion in net profits for 2011, up 31% and 32.7% respectively from the year before. It sold 6.5 million m2 in floor space valued at ¥73.24 billion last year, down 5.5% and up 10.7% respectively from 2010.

Fewer IPOs Seen in Q1 66 Chinese firms had initial public offerings that raised a combined ¥39.91 billion in Q1 2012, down 40.5% and 66.8% respectively from the same period a year ago, ChinaVenture said. The number of IPOs saw the fifth straight quarterly decline and the money raised hit a two-year low.

$1 = ¥6.3

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